Steel price hike leaves contractors at a loss

Tee says public projects, such as building a school, include price variations where the government will pay the difference if the cost of the project escalates. — Filepic

THE 48% increase in steel prices has put additional pressure on many contractors who are still reeling from revenue losses due to the Covid-19 pandemic and movement control order.

Johor Master Builders Association president Tee See Kim said the price increase had a big impact on the construction sector and caused much hardship to contractors.